Japan's TDK to bid 1.2 bln euros for Germany's Epcos

0 Comments | AFP, July, 2008

TOKYO (AFP) — Japan's TDK Corp. said Thursday it aims to buy German electronics maker Epcos in a friendly takeover worth 1.2 billion euros (1.87 billion dollars) to boost its global competitiveness.

TDK has signed an agreement with Epcos to launch a tender offer for the firm, whose management is supporting the proposed takeover, the Japanese company said in a statement.

"The combination will create an industry-leading electronic components company with a strong presence across customer sectors and regions," the two firms said in a joint statement.

TDK, whose products include electronic components and magnetic heads for hard-disk drivers, will offer 17.85 euros in cash per Epcos share, a 52 percent premium on the average price over the past three months....